by The global Australia Skincare Products Market is estimated to be valued at US$ 2,233.4 Mn or Mn in 2022 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Australia skincare products market has witnessed significant growth over the past few years, owing to increasing awareness about health and personal well-being. Skincare products help maintain skin health and treat various skin conditions. They moisturize, protect, exfoliate and rejuvenate the skin. Popular skincare product categories in Australia include face creams, cleansers, toners, sunscreens and serums. These products keep skin hydrated, prevent premature aging and protect from sun damage. Additionally, growing focus on organic and natural ingredients is driving the demand for natural and herbal skincare products in the country.
Market key trends:
The Australia skincare products market is primarily driven by rising health consciousness among consumers. More people are becoming aware about issues like skin damage, aging signs and sun protection. This is increasing the adoption of anti-aging and sun protection creams significantly. Furthermore, busy lifestyles and high levels of pollution are leading to various skin problems like dryness, acne, pigmentation etc. As a result, the demand for specialized formulas to treat specific skin concerns is on the rise. Innovation is another key trend with companies focusing on customized products and advanced active ingredients. Sustainability is also gaining importance in the industry with brands coming up with eco-friendly packaging and natural formulations.
Porter’s Analysis
Threat of new entrants: The Australia skincare products market has moderate barriers to entry due to established brands and regulations. However, social media is enabling new brands to gain visibility.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute products from private labels and niche brands. However, buyers are loyal to premium brands.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power since raw materials for skincare are widely available. However, premium ingredient suppliers wield some control over pricing.
Threat of new substitutes: The threat is low as skincare products from different brands provide unique formulations and benefits. However, herbal alternatives present a potential threat.
Competitive rivalry: The market is highly competitive with the presence of global and local players. Companies compete on brand recognition, pricing, product innovation, and inclusion of premium ingredients.
Key Takeaways
The Australia Skincare Products Market size is expected to reach US$ 2,233.4 Mn in 2022, exhibiting a CAGR of 4.7% over the forecast period. Increasing awareness about skincare and challenges of changing climatic conditions are driving the demand.
Regionally, New South Wales dominates the Australia skincare market, accounting for over 30% share due to the large and young population. Victoria follows in terms of market size due to rising disposable income and focus on personal care. Western Australia also presents lucrative opportunities for premium brands.
Key players operating in the Australia skincare market are Beiersdorf AG, L’Oréal SA, Procter & Gamble, Unilever, Bioderma Laboratories, Clarins Group, Dermalume Skincare, Johnson & Johnson Inc., Estee Lauder Inc., Miranda Kerr Pty Ltd (Kora Organics), Jurlique International Pty Ltd, and Natio. Companies compete through aggressive marketing campaigns and endorsement from celebrities and social media influencers.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
